investingLive Asia-Pacific market news: Oil hits six week high

RBNZ chief says rate settings still accommodative despite hikesAsian stocks slide as Iran conflict fuels oil and bond yield worriesAustralia Q2 GDP beats at 0.4%, keeps September rate hike in playRBNZ lifts OCR to 2.75%, says gradual tightening reduces risk of bigger hikes laterBOJ hawk Takata says nimble rate hikes needed as inflation risks buildAustralian Q2 GDP 0.4% q/q (expected 0.3%, prior 0.3%)Trump says he is in no rush for Iran talks, points to Hormuz controlPBOC sets USD/ CNY mid-point today at 6.7829 (vs. estimate at 6.7238)US strikes Iranian tankers for first time under new deterrence policyUeda signals more BOJ hikes ahead but flags cumulative rate risksThe information gap: what retail traders don't see, and why that might be okayBank of Japan Governor Ueda says no comment on markets pricing a September rate hikeEquities on thin ice: Momentum basket selloff turns self-fulfilling as systematic funds deleverageCENTCOM confirms hits Iranian air defence and naval sites after Hormuz mine attemptDip buyers coming in: Schroders turns more bullish on gold citing central bank buyingUBS's rate cut thesis meets a tougher test after Tuesday's yield surgeinvestingLive Americas FX news wrap 1 Sept: It's a wrap but not for the Iran War. Fighting resumes.US oil production data delayed as EIA cites technical glitchOil: Private survey of inventory shows a headline crude oil draw greater than expectedNasdaq indices close sharply lower as Iran war heats upSummary:Oil prices rose to a near six week high as deadly hostilities between the US and Iran showed no sign of easingKuwaiti air defences engaged Iranian ballistic missiles and drones amid the latest exchangeUS Central Command confirmed strikes on IRGC air defence, radar, naval and mine laying sites in Iran on September 1, in response to attempted attacks on Strait of Hormuz shipping and US personnelThe US struck two Iranian state tankers for the first time under a new "tanker for tanker" policy approved by President Trump, according to Axios, with around 100 targets hit and Iran's retaliation largely interceptedA US official said the strikes degraded Iran's attack capabilities and bought at least a month of lowered threat levels for shipping, per AxiosPresident Trump said he is not seeking to force Iran to the negotiating table, framing Iran's economy as collapsing under current pressureBOJ Governor Ueda, Finance Minister Katayama and board member Takata all signalled openness to further rate hikes, with Takata warning of upside inflation risk from energy prices and a possible neutral rate above market expectationsUSD/JPY rose as the yen weakened, with the US dollar firmer across the majorsThe RBNZ hiked its cash rate as expected, with accompanying commentary flagging further hikes if energy driven inflation persists; the NZD fell and underperformed on the sessionAustralian Q2 GDP rose more than expected, keeping markets focused on the prospect of further RBA tighteningJapanese and South Korean equities fell sharply, with analysts citing rising oil prices and bond yields as the key pressures on sentiment Oil prices climbed to a near six week high on Wednesday as fighting between the United States and Iran continued with no sign of a ceasefire. Kuwaiti air defences engaged Iranian ballistic missiles and drones during the latest exchange, underscoring how far the conflict has spread beyond its original flashpoints. US Central Command confirmed that its forces struck Islamic Revolutionary Guard Corps air defence, radar, naval and mine laying sites in Iran on September 1, describing the action as a response to attempted attacks on shipping in the Strait of Hormuz and on US personnel in the region.According to Axios, the strikes also marked the first time the US has hit Iranian government tankers under a newly approved tanker for tanker policy, targeting two state owned vessels as part of a broader wave that hit around 100 targets in total. Officials said Iran's retaliation was largely intercepted. Axios reporter Barak Ravid cited a senior US official as saying the new strikes had degraded Iran's attack capabilities in the strait and bought at least a month of lowered threat levels for commercial shipping.President Trump addressed the conflict separately, saying he is not attempting to force Iran into negotiations, and framing the current pressure campaign as advantageous to Washington given what he described as a collapsing Iranian economy. The comments suggest the administration sees little urgency in pursuing talks while military and economic pressure on Tehran continues.In Japan, a trio of policymakers added to a hawkish tone from the Bank of Japan. Governor Ueda said the bank wants to continue raising rates given still accommodative conditions, while stressing the need to carefully weigh the cumulative impact of five hikes already delivered. Finance Minister Katayama said Japan is monitoring debt markets with a high sense of urgency following a rise in JGB yields, while board member Takata, a known hawkish dissenter, warned that rising overseas rates could push Japan's neutral rate above current market expectations and flagged energy prices as a risk to inflation overshooting target. USD/JPY rose as the yen weakened against the dollar, part of a broader advance in the US dollar across major currency pairs.The Reserve Bank of New Zealand raised its cash rate as expected, with accompanying commentary indicating further increases remain likely should energy driven inflation pressures continue to firm. The New Zealand dollar fell in response and underperformed relative to other major currencies on the session.In Australia, second quarter GDP rose by more than markets had anticipated, keeping investor attention focused on the likelihood of additional Reserve Bank of Australia tightening in the months ahead. Equity markets across the region reflected the accumulating pressure from these developments, with Japanese and South Korean shares falling sharply as analysts pointed to rising oil prices and bond yields as the principal drivers of the selloff. This article was written by Eamonn Sheridan at investinglive.com.